Mehrdad Moayedi’s Uptown Dallas Condo Project Sells Units

Mehrdad Moayedi’s luxury Turtle Creek condo development has sold its first units.

A penthouse at the Residences at Routh asking $1.5 million sold to David and Paula Greenman, according to county records. The asking price amounts to $700 per square foot, but the final sale price wasn’t disclosed.

The 20-unit building at 3610 Routh Street was developed by Moayedi’s Crescent Estates Custom Homes.

The 2,200-square-foot penthouse has three bedrooms, four bathrooms and a 900-square-foot terrace. It’s the second-biggest unit in the building.

The unit listed in June and briefly entered contingency before relisting again in September.

Crescent is marketing the building’s proximity to the Katy Trail and upscale restaurants. Turtle Creek is enjoying heightened interest from Goldman Sachs transplants who want to settle near the company’s office campus, said Crescent Estates sales VP Leo Amaya.

That $500 million build-to-suit project is under construction in Uptown, which is emerging as a hotspot for Y’all Street, along with Old Parkland in Turtle Creek, where the New York Stock Exchange put its Texas headquarters.

This is the second unit to sell in the building. Another unit sold to Keith and Sandra Moore in late July, according to county records.

“I’m starting to see more of an uptick of out-of-town or out-of-state buyers that are used to the condo life, the high-rise, mid-rise lifestyle. A lot of empty-nesters are moving here because their children have gotten jobs here in Dallas,” Amaya said.

Along with Goldman Sachs, Deloitte and Bank of America are both setting up shop in Uptown Dallas.

Within a mile of the Residences at Routh, SVAG and USA Infrastructure Investments are selling a Rosewood-branded condo project, Nexus Companies is working on a luxury senior living development, and Masterplan Consultants is planning a luxury condo tower.Moayedi is a prolific master-planned community developer through his Centurion American Development Group and a political donor. His custom homebuilding company Crescent Estates sold a spec mansion next to Dallas’ Crespi Estate this week. That home was listed for $15.9 million in January, asking $1,394 per square foot.